Technical Field
The present disclosure generally relates to electronic transactions, and more particularly, to techniques for using proxy accounts associated with a primary account.
Related Art
It is common for consumers and businesses to have electronic accounts to send and receive payments from other parties. One example includes credit cards, which are typically read electronically and transfer money electronically. Another example is a payment service, such as that offered under the name PayPal™, which provides electronic wallets that users can link to credit cards, bank accounts, and any other form of payment.
One problem with most methods of payment, whether electronic or otherwise, is that it can be prone to fraud. For instance, it is not uncommon for criminals to steal credit card information and then to attempt to use the credit card information to pay for goods and services. A typical, modern credit card theft scenario involves a consumer's card that is compromised in some fashion and then canceled and replaced by the card issuer relatively quickly.
While the consumer is not typically obliged to pay for the criminal's purchases, the consumer still feels some inconvenience. For instance, most consumers store credit card information at multiple vendors and may even use a card to make automatic payments toward one or more bills. But when the credit card is suddenly canceled and replaced, the consumer is in the position of having to change the stored information for a variety of vendors and may even miss one or more scheduled payments set up on the old card.
Furthermore, when a user of an account employs the account for making payments to many different entities, it can be quite difficult to determine exactly how an account was compromised because multiple entities have been exposed to the account's credentials. There is currently no convenient solution to protect the integrity of an account while still allowing easy payment.